Shrewsbury, NJ, July 28--Wellman, Inc. announced second quarter 2004 showed significant improvement over first quarter 2004 results.
Net sales improved to $329.0 million from $293.8 million, an increase of approximately 12%. Gross profit improved to $23.3 million from $17.4 million and the gross profit percentage improved to 7.1% from 5.9%. Operating income excluding other Items improved to $9.5 million from $2.9 million.
Wellman reported a net loss attributable to common stockholders for the quarter ended June 30, 2004 of $4.5 million, or $0.14 per diluted share, compared to net earnings attributable to common stockholders of $0.2 million, or $0.01 per diluted share, for the quarter ended June 30, 2003.
For the first six months of 2004, Wellman reported a net loss attributable to common stockholders of $35.7 million, or $1.13 per diluted share, compared to net earnings attributable to common stockholders of $6.0 million, or $0.19 per diluted share, for the same period in 2003.
Tom Duff, Wellman's Chairman and Chief Executive Officer, stated, "Wellman's sales rose to record levels in the second quarter of 2004, led by higher PET resin sales. This quarter Wellman's earnings benefited from improved PET resin margins, record volumes in PET resins, fiber volumes which are higher than they have been during the past two years, and reduced operating costs resulting from our cost reduction programs; however, domestic fiber margins continued to decline and are at historically low levels."
